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«AgroInvest» — News — China's export growth exceeds forecast

China's export growth exceeds forecast

2013-05-08 11:58:37

China's export growth beat economists' expectations in April, easing concerns over a slowing economy, the latest figures from the General Administration of Customs showed Wednesday.

However, the data has reignited skepticism about its accuracy after revealing unusual trend in trade figures over the past few months.

Data today showed that exports increased 14.7 percent year-on-year in April compared to forecast for a 9.2 percent growth. Imports rose 16.8 percent, exceeding expectations for a 13 percent gain.

The trade balance was in a surplus of $18.16 billion, higher than the expected $16.15 billion surplus. Compared to March, exports rose 2.7 percent and imports fell 7.7 percent.

Recently, China has launched an investigation into whether firms are falsifying data to allow more hot money inflow and to override government's capital controls.

The allegations shot up after figures showed unusual trend in foreign trade since the beginning of this year. The data mismatch between China exports to Hong Kong and Hong Kong's imports from the Mainland had also raised eyebrows.

In March, trade figures were comparatively weaker and the trade surplus even moved to a deficit.

China's State Administration of Foreign Exchange on Sunday moved to introduce new rules to tighten the scrutiny of forex positions of export and import enterprises as well as banks, days after the yuan hit a record high against US dollar.

Adding to the rising skepticism over the reliability of the data, a set of purchasing managers' survey results released recently indicated slowing momentum in the country's manufacturing sector.

China's economy expanded 7.7 percent year-on-year in the first quarter, decelerating from a 7.9 percent expansion in the fourth quarter.

The National Bureau of Statistics is scheduled to release the April inflation figures on Thursday. The statistical office will publish a slew of data on Monday including industrial output, fixed investment and retail sales.

 

 

 

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